Australians looking to work towards financial freedom are embracing a new approach.
Younger generations are putting their own spin on the traditional wealth-creation journey through a new push towards financial wellness.
Wisr chief strategy officer Dr Lili Sussman told nestegg that financial wellness is a multifaceted and complex issue, one that’s both subjective and objective.
“It’s about the role of money in your life and the relationship with yourself,” she said.
Dr Sussman said that financial wellness isn’t about purely how much money you earn, nor is it about how much you can save through tips and tricks. According to her, financial wellness eschews the simplicity of easy fixes and turns the complexity of financial literacy into a strength rather than a burden.
“Financial wellness has to do with being able to meet your current financial needs, setting yourself up for the future, having control over your money decisions and understanding how money helps you to live your values,” she explained.
Importantly, where financial wellness differs from the typical journey towards financial freedom is that it embraces a more nuanced perspective. That means acknowledging that not every individual sees financial wellness the same way and that not everyone is working towards the same goals.
This flexibility is part of its appeal to younger demographics, as it asks them how they can find financial wellness within their lifestyle rather than asking them to start living a different one.
“We all have different financial goals and values — not to mention hobbies, expenses and living situations — which means there’s no one right way to financial wellness,” Dr Sussman said.
However, in order to change, you have to know where to start.
“When you’re financially stressed, the last thing you need is to be told ‘stop spending and start meal prepping, you’ll be fine’,” Dr Sussman said.
According to her, achieving financial wellness isn’t something limited by age, gender or earning capacity. Ultimately, it comes down to financial literacy.
“With knowledge comes power and, in turn, helps you to understand your relationship and behaviour with money. It’s a key foundation of improving your financial wellness,” she said.
Beyond just being willing to re-evaluate and rethink the way you think about money, Dr Sussman said that a willingness to commit to better financial behaviours over the long run can be critical.
“Like our physical health, everyone has the right to be financially well and can get there by building good habits,” she said.
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Article courtesy of Nestegg